J. Appraised Valuation of Tangible Property Base (G.S. 105-122(d))

Basis For Tangible Property
Tangible property values for this base are computed on fifty-five
percent of the appraised value of all property listed for county
ad valorem tax in North Carolina as of January 1 of the calendar
year next preceding the due date of the return.

Note: Also included in the appraised value of property for county
ad valorem tax is the appraised value of all vehicles for which
the county tax assessor has issued a billing during the income
year.

Holding Company
There is no limitation on the franchise tax payable by a holding
company on its appraised valuation of property tax base.

Investment Base Property Included (Section .1406)
A corporation including property in the investment in tangible
property base shall also include the value of this property in
the appraised valuation base.